What celebrities, designers and socialites wear to the Met Ball Costume Institute Gala is fast becoming just as important as Oscar gown selections. This year’s gala, approaching–May 7, will serve as the launch of 2012’s fashion exhibition Schiaparelli and Prada: Impossible Conversations. The gala is being co-chaired by actress Carey Mulligan, the force at the help of Prada– Miuccia Prada, and Haute 100 Lister and Vogue editor-in-chief Anna Wintour.